London, 21 July 2022 (TDI): Penny Mordaunt, Minister of State for Trade of the United Kingdom (UK), and Roy Cooper, Governor of North Carolina signed a Memorandum of Understanding (MoU) on cooperation and trade relations.
Delighted to have signed another US state level MOU this morning with North Carolina. This will unlock growth opportunities from life sciences to clean tech. Thank you to everyone who got us here. @tradegovuk #DITStateSide #BrexitDividend pic.twitter.com/gakTaxfrLy
— Penny Mordaunt (@PennyMordaunt) July 20, 2022
Machelle Sanders, Secretary of Commerce for North Carolina presented the agreement, on the behalf of North Carolina’s Governor.
Aim of the Agreement
The aim is to increase economic opportunities for citizens, particularly in underinvested regions. It will be done by identifying and addressing trade barriers, enhancing businesses, and increasing investment.
Moreover, the two sides will intend to achieve net-zero gas house emissions as soon as possible, by accelerating the development of the clean energy industry.
Apart from this, strengthening people-to-people ties to support the growth of UK-US relations is also on agenda as well as promoting equity and environmental justice by climate action and economic development.
“This agreement recognizes our longstanding relationship with the United Kingdom,” said North Carolinian Commerce Secretary.
Remarks by the Trade Minister of the UK
Penny Mordaunt said, “Our state-level work shows we can be dynamic and creative with our trade partners.
Whilst we continue engaging with Washington D.C., we’re speaking to businesses and political leaders right across America – from North Carolina to California – to grow our already £200bn trade relationship.
North Carolina is home to some of the US’ most exciting companies – from Honeywell to Lab Corp. It was recently named America’s top state for business.
Our twin-track approach to trade with the US is helping cut bureaucracy, reduce costs, and increase exports and investment. I look forward to seeing UK businesses reap the benefits.”
Furthermore, Roy Cooper, North Carolinian Governor, on the signing of the agreement, said, “With this memorandum, we will deepen economic and cultural ties with the United Kingdom to create new opportunities for trade and economic development as we transition to a clean energy economy.”
North Carolina has good trade relations with the United Kingdom as it imports $1.6bn (or £1.2bn) of goods from the UK. This makes the UK the 12th largest export market.
Hence, both parties aim to strengthen their existing relations, through this agreement signed yesterday.
